Anhui Province Natural Gas Development Co (SHSE:603689) Beneish M-Score : -2.53 (As of Apr. 10, 2025)

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What is Anhui Province Natural Gas Development Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Anhui Province Natural Gas Development Co's Beneish M-Score or its related term are showing as below:

SHSE:603689' s Beneish M-Score Range Over the Past 10 Years
Min: -16.97 Med: -2.33 Max: -1.41
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Anhui Province Natural Gas Development Co was -1.41. The lowest was -16.97. And the median was -2.33.

Anhui Province Natural Gas Development Co Beneish M-Score Historical Data

The historical data trend for Anhui Province Natural Gas Development Co's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Anhui Province Natural Gas Development Co Beneish M-Score Chart

Anhui Province Natural Gas Development Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.90

-2.57

-2.02

-2.33

-2.94

Anhui Province Natural Gas Development Co Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.44	-2.94	-2.51	-2.84	-2.53

Competitive Comparison of Anhui Province Natural Gas Development Co's Beneish M-Score

For the Oil & Gas Midstream subindustry, Anhui Province Natural Gas Development Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Anhui Province Natural Gas Development Co's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Anhui Province Natural Gas Development Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Anhui Province Natural Gas Development Co's Beneish M-Score falls into.

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Anhui Province Natural Gas Development Co Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Anhui Province Natural Gas Development Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.2852

0.528 * 0.8361

0.404 * 1.0509

0.892 * 0.9135

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8772

4.679 * -0.042234

0.327 * 0.979

-2.53

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ¥146 Mil.
Revenue was 1327.273 + 1354.634 + 1568.036 + 1482.823 = ¥5,733 Mil.
Gross Profit was 161.854 + 157.866 + 199.402 + 163.245 = ¥682 Mil.
Total Current Assets was ¥1,446 Mil.
Total Assets was ¥7,293 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,670 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥56 Mil.
Total Current Liabilities was ¥1,571 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,989 Mil.
Net Income was 93.144 + 83.203 + 106.677 + 43.001 = ¥326 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 108.281 + 212.259 + 201.039 + 112.462 = ¥634 Mil.

Total Receivables was ¥124 Mil.
Revenue was 1386.08 + 1431.202 + 1803.773 + 1654.768 = ¥6,276 Mil.
Gross Profit was 183.37 + 148.537 + 186.867 + 105.831 = ¥625 Mil.
Total Current Assets was ¥1,599 Mil.
Total Assets was ¥6,905 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,344 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥70 Mil.
Total Current Liabilities was ¥1,002 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,440 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(146.149 / 5732.766)	/	(124.495 / 6275.823)
	=	0.025494	/	0.019837
	=	1.2852

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(624.605 / 6275.823)	/	(682.367 / 5732.766)
	=	0.099526	/	0.119029
	=	0.8361

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (1445.513 + 3669.692) / 7293.057)	/	(1 - (1599.082 + 3343.563) / 6904.712)
	=	0.29862	/	0.284163
	=	1.0509

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	5732.766	/	6275.823
	=	0.9135

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0 / (0 + 3343.563))	/	(0 / (0 + 3669.692))
	=	0	/	0
	=	1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(56.165 / 5732.766)	/	(70.091 / 6275.823)
	=	0.009797	/	0.011168
	=	0.8772

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((1988.572 + 1570.7) / 7293.057)	/	((2440.171 + 1002.02) / 6904.712)
	=	0.488036	/	0.498528
	=	0.979

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(326.025 - 0	-	634.041)	/	7293.057
	=	-0.042234

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Anhui Province Natural Gas Development Co has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.

Anhui Province Natural Gas Development Co Beneish M-Score Related Terms

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Anhui Province Natural Gas Development Co Business Description

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Address

No. 9 Dalian Road, Baohe Industrial Zone, Anhui Province, Hefei, CHN, 230051

Website

https://www.ahtrq.com

Anhui Province Natural Gas Development Co Ltd is a natural gas pipeline operator. It invests, constructs, operates and manages natural gas pipelines in Anhui Province. The company also participates in the development and construction of natural gas pipeline network in urban areas; manages natural gas resources on behalf of Anhui Province; sells natural gas; and market and competitive investment in other natural gas, CBM and other energy applications and related projects. The other business activities of the company are to invest in the development of natural gas and coal seams in the province Gas resources projects; other energy development projects; and to engage in other auxiliary businesses.

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